Mario Gabelli

Mario Gabelli

Last Update: 11-14-2016

Number of Stocks: 811
Number of New Stocks: 51

Total Value: $15,351 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Mario Gabelli Watch

  • Gold Reacts Negatively to Italian Constitutional Referendum

    Asian gold markets positively reacted to the outcome of the constitutional referendum in Italy, where "no" triumphed over "yes" with 19,419,507 votes or 59.11% of voters. The number of votes in favor of the constitutional reform is 13,432,208 or 40.89% of voters. The percentage of Italians who voted is 65.47%, or 33,243,845 voters, out of a total of 50,773,284 eligible voters.

    On Asian markets, gold prices jumped 0.9% to retrace later more closely to last Friday's prices when the precious metal was trading at $1,177 per ounce, showing an overall improvement of 0.4%.


  • Mario Gabelli’s Top 3 New Holdings

    GAMCO Investors’ Mario Gabelli (Trades, Portfolio) acquired 51 new stocks in the third quarter. His top three new holdings are Fleetmatics Group PLC (NYSE:FLTX), Joy Global Inc. (NYSE:JOY) and Whole Foods Market Inc. (NASDAQ:WFM).

    Gabelli founded GAMCO in 1976 as an institutional research firm in New York. He serves as chairman and CEO. As of Sept. 30, the firm managed $39.9 billion in assets. The firm has an investment team of 15 portfolio managers who employ an intense research-driven approach to find undervalued companies. Their three key objectives are: identify a company’s EPS, free cash flow and private wealth management, define the catalyst that will push the price higher and evaluate the management.


  • Profiting From Uncertainty: Mark Boyar’s Group Finding Mispriced Financials, Media Stocks Pt. I

    Jonathan Boyar, part of the Boyar Value Group, will speak at the 2017 GuruFocus Value Conference. Get registered for the event here.



  • Gabelli Funds Comments on Torex Gold

    Torex Gold (TSX:TGX) (2.5%) (TXG CN – $21.63 | $28.38 CAD – Toronto Stock Exchange) is a development company with a project in Guerrero, Mexico. The company recently completed construction of its Limon/Guajes project on time and on budget. Once at full commercial production, the company should produce over 300,000 ounces of gold per year at unit cash costs in the lower half of the cost curve. The company has a second deposit near its current operation which can be its second mine. In developing its second deposit, the company has the ability to double production to 600,000 ounces while funding development with free cash flow from its first mine.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Tahoe Resources

    Tahoe Resources (NYSE:TAHO) (3.0%) (THO – $12.82 | $16.82 CAD – Toronto Stock Exchange) owns the Escobal mine in Guatemala, one of the largest primary silver mines in the world. Tahoe also owns two assets in Peru. One is an operating mine and one is a development project. The combined company will be cash flow generative, and be able to finance the build of its next project with free cash flow from its two producing assets and cash on its balance sheet. The company recently completed the acquisition of Ontario-based Lakeshore Gold. Tahoe aims to expand Lakeshore’s mineral inventory through an aggressive exploration program. If successful, the company will likely expand plant capacity on site and grow production. Tahoe pays a dividend, and we expect this will increase if the prices of gold and silver rise.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Osisko Gold Royalties

    Osisko Gold Royalties (NYSE:OR) (0.7%) (OR CN – $10.95 | $14.36 CAD – Toronto Stock Exchange) is a Montreal based gold royalty company which owns royalties on the two largest gold mines in Quebec, namely the Malartic mine in the Abitibi region, and the Eleonore mine in the James Bay region of northern Quebec. Osisko has a cash balance and generates meaningful amounts of free cash flow through producing royalties. The company is deploying this cash in very early stage development deals whereby it is able to fund exploration and development of projects, primarily in Canada, in exchange for equity stakes in the development companies and the opportunity to finance mine development through acquiring future royalties on future mine development.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Northern Star Resources

    Northern Star Resources (ASX:NST) (1.7%) (NST – $3.57 | $4.66 AUD – Australian Stock Exchange) is a Western Australia based mining company with three primary operating mines in Western Australia. The company acquired operating mines in the region from Barrick Gold and Newmont Mining (3.6%) during the downturn in the cycle when these two companies were selling assets to pay down over-levered balance sheets. The company has been successful in reducing costs at these operations and extending mine lives through exploration. Northern Star is a meaningful free cash flow generative company at the current Aussie dollar gold price, and pays a dividend to shareholders.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on MAG Silver

    MAG Silver (MAG) (1.6%) (MVG – $15.07 | $19.77 CAD – Toronto Stock Exchange) owns 44% of one of the highest quality silver deposits in the world. The Juanicipio project in Zacatecas, Mexico is adjacent to Fresnillo plc’s (7.1%), namesake silver mine. Having Fresnillo as the 56% majority partner and operator of the mine limits development risk for the asset, and should allow for the project to be financed with little trouble. Once operational, Juanicipio should be highly cash flow positive. A new discovery on the Juanicipio property has the potential to either extend the mine’s life or increase production at the project meaningfully.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Klondex Mines

    Klondex Mines (KLDX) (1.6%) (KDX – $5.75 | $7.54 CAD – Toronto Stock Exchange) is a mining company with two mines in Nevada and a development project in Manitoba. The company’s Fire Creek mine in Nevada is a high grade, small tonnage deposit. The Midas mine is near Fire Creek, and both mines feed a single processing facility near the Midas site. Klondex recently agreed to acquire a third property in Nevada called Hollister. Hollister could be a third source of feed for the centralized Nevada processing facility. All of the mines in Klondex’s portfolio are relatively short-life, and will require meaningful exploration spending to extend their lives. If exploration efforts are successful, Klondex will be a low cost producer with meaningful free cash flow generation at current gold prices.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Hochschild Mining

    Hochschild Mining (LSE:HOC) (2.5%) (HOC – $3.75 | £2.90 – London Stock Exchange), is a Peruvian based gold and silver miner. The company has one mine in Argentina and three mines in Peru. Hochschild are experts in mining high-grade underground vein systems. The company’s newest mine, Inmaculada in Peru, will be its biggest and most cash flow generative asset. As Inmaculada begins to produce over the coming months, the company will be able to use cash flow from the mine to pay down debt and explore around its sites. We expect excess cash to be distributed to shareholders in the form of a dividend.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Detour Gold

    Detour Gold (TSX:DGC) (3.7%) (DGC CN – $21.75 | $28.54 CAD – Toronto Stock Exchange), is a single asset company based in Toronto, with its sole operating mine in northern Ontario. The Detour Lake mine is a large, bulk tonnage open pit operation which is currently the biggest gold mine in Canada. The mine’s cost base is largely fixed, with labor and electricity being large components, both are priced in Canadian dollars. The company is generating free cash flow, and will use a portion of this cash to pay down convertible debt which will come due in 2017. We expect the company to pay dividends to shareholders once the balance sheet has been sorted.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Agnico-Eagle

    Agnico-Eagle (NYSE:AEM) (6.5%) (AEM CN – $54.08 | $70.95 CAD – Toronto Stock Exchange), is a mid-tier gold producer with operations in Canada, Mexico, and Finland. The company is the dominant operator in the Val d’Or region of Northern Quebec, and the only gold producer in the Canadian sub-Arctic region. The company is in the process of delineating a new discovery in the Arctic region which could serve to extend the life of its large Meadowbank mine. Agnico is also delineating a deposit in Mexico which could be its third mine in the country. The company has a strong balance sheet and low unit cash costs which should allow it to comfortably complete these new projects while continuing to return cash to shareholders in the form of a dividend.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Funds Comments on Acacia Mining

    Acacia Mining (LSE:ACA) (1.6% of net assets as of September 30, 2016) (ACA – $6.45 | £4.98 – London Stock Exchange) is a London listed gold mining company with three mines in Tanzania. The company was formerly called African Barrick, and Barrick is still a large shareholder of Acacia. Acacia is in the process of transforming its two largest assets, the Bulyanhulu and North Mara mines. Bulyanhulu is beginning to mine higher grade material, and operating costs have been reduced at the mine, leading to higher production at lower unit costs. At North Mara, the company is beginning to mine an underground portion of the orebody. Currently a dividend paying stock, the amount of the dividend paid should increase as the company executes operationally.

    From the Gabelli Gold Fund third-quarter 2016 shareholder letter.


  • Gabelli Gold Fund 3rd Quarter Shareholder Commentary

    To Our Shareholders,


  • Columbia Wanger's Largest Trades in 3rd Quarter

    Columbia funds are managed by Columbia Management Investment Advisers LLC, and Columbia Acorn funds are managed by Columbia Wanger (Trades, Portfolio) Asset Management LLC, a subsidiary of Columbia Management Investment Advisers, LLC. During the third quarter the guru’s largest trades were the following:

    It closed its stake in Cepheid (CPHD) with an impact of -0.93% on the portfolio.


  • Will Eaton Vance Continue This Year's Surge?

    In an article published on Feb. 13 of this year, PatientValueInvestor recommended Eaton Vance (NYSE:EV) to investors prepared to take the long view. At the time, the share price of this financial stock was near the $28 mark.

    As it turned out, investors who took his advice did not need much patience. Following a better than 7.5% jump on Nov. 9 and 10, the two days after the American elections, the stock closed at $38.15, an increase of about 36% in less than nine months. Still, as this 20-year chart shows, the company has some distance to go before it gets back to the lofty prices it enjoyed in 2007:


  • A High-Tech Manufacturer With Excellent Growth Prospects

    When AMETEK (NYSE:AME) reported its third-quarter results Tuesday, it continued its give-and-take story of this year: gains from recent acquisitions and losses from exposure to the oil and gas industry.

    AMETEK designs and manufactures electronic instruments, electromechanical devices and other products. It specializes in products that demand high precision or accuracy, and these differentiated products help it generate strong margins.


  • Mario Gabelli Comments on Verizon Communications Inc.

    Verizon Communications Inc. (NYSE:VZ) (1.0%) (VZ $51.98 NYSE) is one of the world’s leading telecommunications services companies. Its wholly-owned subsidiary, Verizon Wireless, is the largest mobile operator in the United States with over 113 million retail customers. On April 1, 2016, Verizon announced completion of the sale of its wireline assets in California, Florida, and Texas to Frontier Communications. The transaction is valued at approximately $10.5 billion (or approximately $7.5 billion net of taxes) and concentrates Verizon’s landline operations in contiguous Northeast markets. On July 25, 2016, building on its previous acquisition of AOL and launch of Go90 (mobile-first OTT video service), Verizon announced that it will acquire Yahoo! Inc.’s (0.4%) operating business for approximately $4.8 billion in cash. The deal is expected to close in 1Q’17. Verizon expects the acquisition of Yahoo’s operating business to accelerate its revenue stream in digital advertising and put the company in a highly competitive position as a “top global mobile media company.” This transaction significantly expands the scale of the company’s online content business and should allow VZ to leverage its ad-tech platform across a larger content portfolio and user base. In addition, Verizon expects that combining Yahoo with AOL will result in meaningful cost synergies.

    From Mario Gabelli (Trades, Portfolio)'s Equity Income Fund 3rd quarter 2016 commentary.  

  • Mario Gabelli Comments on Mondelez International Inc.

    Mondelez International Inc. (NASDAQ:MDLZ) (2.0%) (MDLZ $43.90 – NASDAQ) headquartered in Deerfield, Illinois, is the renamed Kraft Foods Inc. following the tax-free spin-off to shareholders of the North American grocery business on October 1, 2012. Mondelēz’s approximately $26 billion of revenue is derived primarily from snacking, which includes leading brands such as Oreo, LU and Ritz biscuits, Trident gum and Cadbury and Milka chocolates. On July 2, 2015 Mondelēz combined its coffee business with DE Master Blenders 1753 to form a new coffee company, Jacobs Douwe Egberts. Subsequently, MDLZ exchanged part of its stake in this coffee joint venture for 24% ownership in Keurig Green Mountain, which was acquired by an investor group led by JAB Holding Co. in March 2016. This narrows the company’s product focus, as only 15% of revenue will be outside snacks — mostly Tang beverages and other products, such as Philadelphia cream cheese, which management may look to divest in the future as it executes on its plan to accelerate growth and improve margins in the faster-growing snack business. On August 26, Mondelez confirmed that discussions relating to a potential combination with Hershey had ended. Hershey initially confirmed on June 30 that it received and rejected a preliminary indication of interest from Mondelēz to acquire Hershey for $107 per share in cash and stock, demonstrating Mondelez’s continued interest in pursuing acquisitions while remaining an independent company.

    From Mario Gabelli (Trades, Portfolio)'s Equity Income Fund 3rd quarter 2016 commentary.  

  • Mario Gabelli Comments on JPMorgan Chase & Co.

    JPMorgan Chase & Co. (NYSE:JPM) (1.0%) (JPM $66.59 – NYSE) is one of the oldest financial institutions in the U.S. The firm, with assets of over $2.4 trillion, provides services to millions of consumers, small businesses, and many of the world’s largest corporate, institutional, and government clients. The bank is divided into several reporting segments, including investment banking, commercial banking, financial transaction processing, asset management, and private equity. CEO Jamie Dimon is well regarded among corporate leaders, and he has positioned the company for future growth, despite the recent challenges related to the financial crisis, increased regulations, and low interest rates.

    From Mario Gabelli (Trades, Portfolio)'s Equity Income Fund 3rd quarter 2016 commentary.  

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